US stocks fell back from their highs, Trump's WLF coin-buying project helped boost the encryption trend

The Producer Price Index (PPI) announced last night exceeded expectations, and the S&P 500 and Nasdaq indexes rebounded from their highs. BTC briefly rose to $102,540 and, although it retraced, it still hovered above $100,000 before the deadline. The encryption project supported by Trump, World Liberty Financial (WLF), reported heavy buying of coins, and related tokens such as AAVE and LINK performed well.

PPI, initial unemployment claims exceed expectations, US stocks fall back from highs.

The weekly initial jobless claims in the United States released on Thursday exceeded expectations, while the Producer Price Index (PPI) also exceeded expectations. Due to the soaring price of eggs, wholesale inflation in the United States accelerated in November.

The report released by the US Department of Labor on Thursday showed that the PPI rose by 0.4% from the previous month in November, higher than the expected 0.2% by economists. The annual increase was 3%, the highest since February 2023. The number of initial claims for unemployment benefits in the United States was reported at 242,000, far exceeding market expectations.

Chris Larkin of Morgan Stanley E*Trade said, 'The surge in egg prices appears to be a key factor driving the Producer Price Index (PPI) beyond expectations, and traders may be more focused on the sharp increase in unemployment claims. While there is a steady stream of reliable labor data, the Federal Reserve remains sensitive to any signs of weakness in the employment situation.'

WLF related Token performed well yesterday

Yesterday, BTC briefly surged to $102,540, although it has since pulled back, it is still hovering above $100,000 at the time of writing.

The encryption project supported by US President-elect Trump (World Liberty Financial, WLF) made a big move yesterday (12/12), sweeping a total of 10 million US dollars worth of Ether (ETH), as well as 20 million US dollars worth of AAVE and LINK Tokens. As soon as the news came out, the prices of related Tokens soared one after another.

(Trump's encryption project WLF spent 30 million pounds to buy coins! ETH rose 7%, AAVE and LINK skyrocketed 30%)

Ether attempted to challenge the $4,000 level yesterday, but fell back above $3,800 before the deadline. LINK and AAVE Token, related to the encryption project supported by Trump (World Liberty Financial, WLF), still saw 24-hour gains of up to 19% and 21%.

Recently, Tron, which has become a new partner of World Liberty, saw its token TRX rise by 5% yesterday. However, there have been concerns about the potential conflict of interest arising from Trump's cooperation with his new Middle East envoy, billionaire Steve Witkoff, in the encryption currency platform, as well as Tron's role as a tool for encryption currency transfers used by certain terrorist organizations.

(Poloniex Investment World Liberty Raises Questions of Conflict of Interest for Trump)

This article, the US stock market fell back from its high, Trump's encryption project WLF buying coins to boost the encryption trend, first appeared on Chain News ABMedia.